What will Australia’s retail market look like come 2030?
According to CBRE’s new 30 Predictions for 2030: The future of retail in Australia report, a focus on sustainability, convenience and customer experience will shape the market, which is set for rapid change.
“Australia’s retail landscape has transformed significantly over the past decade and that rate of change will continue in the next ten years as retailers harness new technology and adapt to meet changing consumer demands,” said CBRE’s Head of Retail Research, Australia, Kate Bailey.
“By 2030, consumers will prioritise environmentally sustainable products and retailers; the automation of appliances and growth of in-home assistants and technology will mean that buying many products will be a completely automated process; and time saving retail services will cater to specific customer needs.”
On the sustainability front, expect zero-plastic packaging for delivery and returns processes, the use of efficient delivery algorithms and more information on the source, ingredients and journey of a product.
“The sharing economy will also boom as consumers look to recycle and reuse high quality products rather than making short-term, poor quality purchases that end up in landfill,” Ms Bailey said.
Automation will mean that buying many products such as groceries, personal care products and basic apparel will be a completely automated process so, when customers do venture in store, experience will be vital to a retailer’s success.
“Augmented reality will enhance the physical buying experience and retailers will engage with customers through unique instore experiences,” Ms Bailey said.
“Stores will sell less but invest large sums in experiences. Customer loyalty will be key and big data analytics to track customer behaviours will also enable retailers to be more engaged with their customers through personalised services such as tailored sales and promotions and loyalty programs and rewards.”
On the convenience front, time saving and efficient retail operations that can be catered to a specific customer’s needs will be a key driver in industries such as online grocery shopping and flexible delivery and will drive growth in dining out.
“Smaller apartments with less or shared kitchen space and increasingly longer or non-traditional working hours will drive this,” Ms Bailey said.
“Courier services will be much more technologically advanced to allow delivery of all products at a specific time and place and virtual stores will allow the physical browsing experience but without the need to carry products after purchase.”
To read more of CBRE’s 2030 predictions click here.
According to CBRE’s new 30 Predictions for 2030: The future of retail in Australia report, a focus on sustainability, convenience and customer experience will shape the market, which is set for rapid change.
“Australia’s retail landscape has transformed significantly over the past decade and that rate of change will continue in the next ten years as retailers harness new technology and adapt to meet changing consumer demands,” said CBRE’s Head of Retail Research, Australia, Kate Bailey.
“By 2030, consumers will prioritise environmentally sustainable products and retailers; the automation of appliances and growth of in-home assistants and technology will mean that buying many products will be a completely automated process; and time saving retail services will cater to specific customer needs.”
On the sustainability front, expect zero-plastic packaging for delivery and returns processes, the use of efficient delivery algorithms and more information on the source, ingredients and journey of a product.
“The sharing economy will also boom as consumers look to recycle and reuse high quality products rather than making short-term, poor quality purchases that end up in landfill,” Ms Bailey said.
Automation will mean that buying many products such as groceries, personal care products and basic apparel will be a completely automated process so, when customers do venture in store, experience will be vital to a retailer’s success.
“Augmented reality will enhance the physical buying experience and retailers will engage with customers through unique instore experiences,” Ms Bailey said.
“Stores will sell less but invest large sums in experiences. Customer loyalty will be key and big data analytics to track customer behaviours will also enable retailers to be more engaged with their customers through personalised services such as tailored sales and promotions and loyalty programs and rewards.”
On the convenience front, time saving and efficient retail operations that can be catered to a specific customer’s needs will be a key driver in industries such as online grocery shopping and flexible delivery and will drive growth in dining out.
“Smaller apartments with less or shared kitchen space and increasingly longer or non-traditional working hours will drive this,” Ms Bailey said.
“Courier services will be much more technologically advanced to allow delivery of all products at a specific time and place and virtual stores will allow the physical browsing experience but without the need to carry products after purchase.”
To read more of CBRE’s 2030 predictions click here.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
